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News/Business. Ali Velshi. CNN anchors break down the financial news of the week. New.

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Cyprus 12, Us 6, New York 5, Russia 5, Washington 4, New York City 4, U.s. 4, America 3, S&p 2, Obama 2, Ken 2, Ryan 2, Bny Mellon 2, Europe 2, Asia 2, Michelle 2, Manhattan 2, Ned Riley 1, Ge 1, Neosporin Eczema Essentials 1,
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  CNN    Your Money    News/Business. Ali Velshi. CNN anchors  
   break down the financial news of the week. New.  

    March 23, 2013
    10:00 - 10:59am PDT  

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>> > we're track the progress of the spring snowstorm across the country. also ahead at 2:00, washington state has approved legalized recreational marijuana. i'll talk to the man helping state officials deal with this decisi decision. next stocks have been on the tear, but how long will this run last? your money with ali vel chi starts right now. the stock market continues on its four-year tear culminating. this is your "your mown." where was your money while everyone else's was growing? i have a message for the 47%. you know who i'm talking about. >> there are 47% of the people who will vote for the president no matter what. >> not that 47%. i'm talking about the 47% of you not informsed invested in the stock market. a record high for the dow. simple message, wake up.
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while you have been hitting the snooze button, stocks have been soaring. it's been going on for four years. whether it's $100 or $10,000, you need to be invested. butt putting that money in the bank is costing you as inflation erodes the value of your money. i know what you're thinking, easy for you to say now that we're setting records. pay attention. when the market was at its lowest, i was saying the same thing. >> for those people who did stay involved in the stock market, they have seen something of a gain. >> today with the stock market in record territory, half of you have still say investing in stocks is a bad idea. i know you're afraid. i know you still don't trust banks and regulators and maybe even companies. but while you're mistrusting or being wary, everyone else is making money. lots of it. >> the question for those who had the foresight to get into the market is now what? with the dow ascending from its bottom of 6,547 to its new
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record of 14,59 set on march 14th, stay in or cash out? it's an important question and one i'll get to later in the show. i want to focus on the 47% of you who admit you do not invest in stocks. not even through an ira or 401(k). we're going to figure out why you don't and bust some myths so you can take advantage of the market even in the midst of a bull rally. let's start with the reasons you rrpt invest ed. you have no money, no trust in the system and no guts to withstand the ups and downs and uncertainty of the market. you're scared to get in. joining me is lewis bah ra ha, an expert and ryan matt, the president of optimum management. ryan, let's start with you. no money, that's what a lot of people say. they do not have the money to
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get into the stock market. you wrote a book where you talk about how little people can have to get started. can you get into the stock market? >> you have two types of individuals. those that say they are struggling to live check to check. they are struggling for shelter. then you have those that prefer they are struggling but when it comes to the new iphone, they are first in line. when it comes to paying $15 to go out to lunch, they can do that. the premium cable, they can afford that. there's tons of things that are available for $25 out of your paycheck. you can buy microsoft, you can buy ge or different types. all these types of fortune 500 companies, you can purchase for as low as $25 a month directly from their website. >> you deal with people who in many cases are making their
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first into literacy and a problem they are going to have is trust. the markets are rigged against investors is what they think. i have to tell you, i don't disagree. i don't trust the financial system all that much myself, but i need it to create wealth. and it has made people rich. >> absolutely, but there's no trust because we don't even trust our politicians besides the financial institutions. we're watching this show, we're going to turn the channel and watch another show. we don't know who to trust. even with our own communities, we don't know how to trust. it's all based on commission. they are selling us products that at the end of the day, they are high in cost, lots of fees and who do you trust? >> but what do you tell people who you counsel? you have seen this market run. i get it. there's a reason not to trust people. do you sit it out? >> no, you don't sit it out.
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i focus on long-term. i focus on creating hope in people. if you're going to be invested in the stock market or equities, you have to invest. those are growth type of investments. putting your money into the savings account for long-term for your retirement is risky. it's riskier than an index fund. they have to educate for themselves. >> that's an interesting point. most people would think the opposite. putting my money in a bank is not risky. an index fund is risky. comes down to people's fear. worried about the market. the market is volatile and it's risky. what do you do when people tell you that? >> it's the thing about fear and ignorance allowing us to dictate financial decisions. we should never allow that. we should never be scared of something you don't know about. a lot of individuals are scared of something because they have
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not put pun in the market. what other alternatives do you have? show me another that can give you a 13.2% return. you show me another that can give that type of return or security. what we have to do, this is what lewis has been doing for years, directly addressing and making sure you know there are other alternatives such as exchange traded funds. for $150 a share you can buy the entire s&p 500. >> all you need is a trading account to get in. this gives you exposure. >> again, you don't trust because it's high risk. there's ways to mitigate that risk by diversifying your portfolio. >> you talk to people who start off without a great deal of financial literacy. not guys dealing with exclusively high net individuals who know the financial markets inside out.
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get down to specifics. how should a newbie get their feet wet if they want to do something? >> the first thing they need to do is get educated. understand the difference between risk and volatility. they need to learn the rules of the game. ryan and i have written countless books on this stuff. learn the rules and don't feel sbintimidat intimidated. go to people who are not going to sell you a product. they are not going to sell you anything and give you great advice. >> you pay them for the value of their advice, but you pay them a fee like a lawyer or accountant? >> right. and be careful. anybody you talk to is going to try to sell you something. it's more of an intimidation factor. what happens is we don't have money mentors. the the reason i went into a mutual fund is because i had a friend who did it. the business model, it's really
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made it into a point it's not sustainable for a lot of advisers to work with people barely making it. so it's all about priorities. so. >> ryan is big on this as well. you're big on mentoring people. this is one of your biggest points in your book. >> it's time for us to start looking for education from outside of the box thinking. we don't have to go to a financial adviser, but you must get educated. >> reporter: if i'm putting in $25 a week how do i do so without getting scraped by the fees? are there ways to not overpay to be a small investor. >> we have to educate ourselves. many companies are charging zero dollars for you to invest directly. stock websites that invest $4 per transaction fee. it's very important for you to educate yourself about how to go
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about purchasing different types of things. make sure you can have that. it allows you to invest in one individual stock and get it as a different gift. >> you encourage them. >> put it up on your wall and gives you good motivation. i'm advocating making sure that before you put your dollar in anything, get fully educated. >> both have written great books that appeal to those who are otherwise intimidated by the idea of getting into the stock market. lewis and ryan, thank you. 47% of you that don't invest, no more complaining or berating you about not cashing in on this rally. next i'm talking to the 53% of you who do invest in the stock markets. how long will this run last? longer, i think, than some of you may think. .
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okay. we talked about the 47% of americans who haven't taken advantage of the stock market rally. what about the rest of us? this month the dow has been shattering records. sure american companies are doing well and the economy is starting to look up, but there's no denying this it rally is in large part fuelled by the fed, which has kept interest rates so low you can't make money anyone other than than the housing and stock markets. to help prop up the down economy, the fed has been pumping money into the system every month in exchange for bonds. that increases the money supply. it drives down interest rates. for awhile now shs the fed's funds rate and other loans that americans use to raise money that be at near zero. the hope is that banks and other lenders will use this cash to lend to consumers and businesses. borrowers will purchase homes and cars or start new businesses
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and get the economy churning again. it's been working. home prices are rising again due to low mortgage rates. more americans are finding jobs again. it won't stop printing until the unemployment rate dips below 6.5% which means the fed's will be at it until 2015. the flip side to the fed's action is that investors in bonds and interest baring accounts have suffered. it's a low-interest environment, which makes stocks the only liquid investment game in town and that explains the market we're in. joining me is the the chief economist at rbs securities and ned riley, the ceo. i have laid out why the fed has fuld the rally. when you buy a stock, you're buying a share of its earnings. the price to earnings ratio used to figure out the value of a stock is still low. let's take a look here.
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i want to show our viewers. the s&p 500 is seeing average earnings of 15. that's the bottom bar. that's half of where they were. lower than where they were five years ago when the dow was trading at about where they are now. that makes me think this isn't just the federal reserve. what do you think? >> it isn't. as a matter of fact, the fear that's in people's hearts right at the moment, it reminds me of rodney dangerfield. the market has no respect. nobody has respect for this market that it is real. clearly we're seeing the public and institutions, i might point out, have been lowering their equity exposure. the the public only has 30% in ek equities. 47% don't even invest in the stock market, which i think in my 40 years being in the business is the craziest thing i have ever heard of. the final point right at the moment, there's so much liquidity, people are going to
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be losing money in bonds as interest rates rise. people are going to be losing real return when they have money market funds because the inflation is going to beat that low return. there's over $1 trillion in my judgment to be put back into this equity market. i agree with your statement. it's going to take more than a year or two. in my judgment, i think this is a long-term secular bull market. i said it two or three years ago. i'll say it again. this is a long-term bull market that's supported by low confidence at the moment and as a simple act goes, you buy when there's a lack of confidence. you sell when there's greed and giddiness prevail iing. >> michelle, assuming the market continues on this bull run, what happens next? at some point, unemployment starts to go down. it will happen. we have been creating jobs for 36 months straight now. the fed is going to realize that they can't put $85 billion into the economy every month. i it starts to pull back.
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>> you're right. the fed -- you laid it out exactly what's happening and how the transmission mechanism is working. that's exactly putting pressure and bringing down interest rates and yields and it's pushing people into the equity market. the fed has been very clear as the labor market improves their need to continue to buy at that pace is going to be reduced. so there's a lot of concern in the marketplace that as the year progresses, if the unemployment rate continues to fall, we may see the fed's scaling back a bit. a couple points to remember, the fed, and i would agree with them, doesn't necessarily think it's that $85 billion a month in purchases. it's just the fact they are keeping the balance sheet large. all that money is still sloshing around in the system, that's still going to be very supportive for the financial markets and the economy.
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the other thing to keep in mind, as we get the fed into this situation, that's because the economy is doing better. job growth will be better. >> as they pull out, because a lot of people say the minute the fed bails out of this thing, take all your money out of the stock markets and move somewhere else. that's a signal that the market is on life support. you're taking somebody off life support because they are breathing on their own. >> all the medicine has worked, the operation is successful and we shift to the private sector. you got to remember that the unemployment rate today at 7.7% is costing us a fortune. over $100 billion for each percentage point of unemployment. the fact is as the economy grows, the fed goes from that current rate of 7.7% to 6.5%. real growth will start to accelerate. that's the whole point. inflation may come back, but we're below the long-term inflation.
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and bills will come back from the fractions of today to 3.5%. >> michelle, at some point when normalcy returns, there will be people who can go back to putting money into treasuries or bank accounts because interest rates will come up. until then, they do remain the biggest gains in town. what does this low interest rate mean for industries? what industries benefit the most from this type of thing? >> we're seeing it really much across the board. this is one of the the reasons why when people say it's just the fed pushing the stock market higher, the fundamentals that are supporting the stock market are there. the companies balance sheets are so strong in large part because across the board we have seen companies able to refinance their debt, bring down their interest expense, deleverage. all of this in this environment, corporations have strengthened and remained probably the strongest sector of the u.s.
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economy. profits as a percent of gdp are near record high levels. they haven't come off very much. these are the reasons why the fed's actions are working and again, i think you're selling the market short to some extent if you say it's solely because of the buying the fed is doing. >> great to talk to you as always. up next, one of the most important things to look for when investing your money in a company is transparency. one showed how transparent it is or how transparent its yoga pants are. the way they handled it showed sheer genius. c-max go. c-max give a ride to everyone it knows. c max has more passenger volume than competitor prius v and we haven't even mentioned... c-max also gets better mpg.
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stories every day shs you won't get our take on the news anywhere else. christine romans joins me now. let's first start with a budget, and i say that with air quotes,
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because it will never become the law of the land. yet elected officials feel the need to spend lots of time on it. house republicans passed the the latest version of paul ryan's budget. they did this in the same stupid way washington does things. budgets are not meant to be presented for a partisan vote like this one. they are meant to be discussed and negotiated. none of that has happened since 2009. >> let's break it down. there was no new taxes, it would curb spending by repealing obama care and eliminate the deficit in ten years. $4.6 trillion in cuts. zero chance of passing in the democratic-controlled senate, it's dead on arrival. >> lawmakers in the house and senate approved legislation to fund the government through the end of september. that avoids the risk of a partial federal shutdown. in the process, they are on spring break for a couple weeks. what's your take on this? >> my take is the whole
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financial dysfunction of our congress is mind blow iing. you look at this week. let's say frederick, maryland, where there's air traffic control that will be shut. a tower that was built by the stimulus money. so stimulus money went into this tower. the government saying it's a priority. and the the government because of its dysfunction saying we have to shut is down. that's a perfect representation, i think, of how washington is not doing its job. we can't even pass a budget. it can't even run the books. there's no strategy. when you look at some of the spending cuts, you see a lack of a strategy in american finances. >> complaining about this for months. when i say fedex, you probably think of the guys coming to deliver a package. fedex as a gauge of the global economy. fedex posted its third drop in earnings and raised red flags saying shipments to and from asia slowed substantially. also customers are starting to
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ship to slower methods to save money. fedex ships worldwide so analysts look at earnings report as an early indicator of where the global economy is headed. >> the stock tanked. we know europe is still a mess. it slipped back into recession, but these fears center around slowing growth in asia. how worried should we be about what fedex is telling us? it's so interesting. fedex global revenue, $44 billion. what's happening in the world really matters. it's twice the size of psi press. a little thing like that can be a problem. they are their thumb on the pulse of the economy. >> when it comes to companies, transparency is crucial. when i say that i'm talking about policies or practices. not their yoga pants. lululemon is a great canadian
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company and never struggled for survival. excellent anthem in the background. it had to pull several styles of pants from its stores because they were too transparent. too shear. >> the company's stock price got hammered. it's been a tough year, but don't shed tears just yet. the stock is up 220% in the past three years. and stores are packed with the kind of customer every retailer wants, loyal shoppers with money to spend. so the ceo was asked during a conference call with investors bay whooi the company didn't realize the fabric was see through. rarely in a conference call do you get this kind of truth. the truth of the matter is, the only way you can actually test for the issue is to put on the pants and bend over. >> okay. on that note, we'll close this up. up next, when should it make you happy to get a d plus?
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when is a d plus a good grade? when it's better than the grade you got four years ago. these are america's roads, bridges, waterways and power pliens. this d plus is the first time in 12 years that america's infrastructure has earned a grade this high. a new report out this week from the american society of civil engineers measures 16 categories from aviation to roads and waste water. no category earned a lower grade than it did four years ago. six categories saw improvements. bridges, drinking water and waste water. solid waste earned the highest grade on the report, a b minus. what's driving the improvements? the stimulus gave infrastructure a short-term boost. cities and states are renewing their efforts to fix roads,
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bridges and water systems and private companies are investing in railways. but civil engineers say that investment is not enough. but 2020 the infrastructure will need $1.6 trillion. but the american society projects the u.s. will spend just $2 trillion leaving a gap. i want to bring in michael gr grunwald. also the author of the new new deal, the hidden story of change in the obama era. ken rogoff, welcome. michael, i want to start with you. when i tell my viewers about investing, i say pick a goal. we should think about investing in infrastructure in the same way. what do you mean? >> i think that's right. as you mentioned the obama
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stimulus did pour about $150 billion into our infrastructure and its build america bonds was a hidden stimulus inside the stimulus put in another $180 billion. that's a start. that's how you start to create the sort of strong infrastructure that makes people want to make our economy more competitive and make people want to invest in us. you have to ask what the goal is. it's not just to build more roads or sewers, you want to get people places. as opposed to just building roads. sometimes that involves more infrastructure, more tell commuting. sometimes smarter infrastructure. >> the goal is a good standard of living and the idea that businesses will invest and create jobs? it makes companies want to hire people. people want to live in these places and that's largely what it does. >> exactly. you want good mobility to get to work so you can get around.
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you want good drinking water so that you don't get sick. you want a good energy system so that the lights stay on. this is the basics that make our economy attractive to investors. >> ken, this is an old conversation. you've been having it for a long time. i have spoke on to a lot of politicians about it. generally speaking, the overwhelming major ta say, sure, you should have better infrastructure and government involvement in it. there's a small proportion of people generally conservatives who say government has no role in this. assuming your in the group that agrees government has a role in it, the conversation switches to how you pay for it. what's the best way for us to look at how to pay for improving our infrastructure. >> first, government has to have some role. even if the private sector is building a road or building a port, there's all kinds of regulations, environment approv
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approvals. it's sort of nonsense to say the government can't play a role or shouldn't play a role. but clearly the u.s. has a very conservative attitude towards allowing private sector funding in. we should have more partnerships. the president has proposed the idea of a infrastructure bank to provide seed money, admittedly, these things can grow out of hand. but we're in no danger of that. that's the road we need to go down at this point. >> when you have a d plus and trying to get to a b, you have more leeway. >> there's a lot of low-hanging fruit. >> let me ask you about that. we do associate spending on infrastructure on roads and things like that. but in fact, should we be looking at the stuff that michael just talked about? we're not competitive on any of these fronts including broad band and things like that. those can be as valuable. part of our problem is everybody expects to turn their tap on and get water and expects to turn the switch on and get
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electricity. we don't see the value in investing more in those things. >> michael made a good point about smarter infrastructure. the world is changing and what you used to need to have an economy. it's changing. things like new broadband is an issue. water is an issue. the electric grid is a horror show, especially some of the software connecting some of the grids. it's actually quite vulnerable to terrorism. so there are many things we need to do at a national level that we will wake up some day and regret if we don't. >> we need to look at a lot of things. stay right there. i'm going to take you ten stories underground to one of the biggest public work projects in the history of civilization. the cost is in the billions and people won't ride this train until 2016. is it worth it? this is so so soft.
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infrastructure is one of the best things we can do to boost the economy. it creates short-term jobs. over the long-term, better roads, railways, ports, electrical grids, broadband. they invite businesses to operate more efficiently. they save them money, they create jobs. if you're a regular viewer of this show, you probably saw me go underground in new york city last summer to get a closeup look at one of the biggest public works projects in american history. i'm talking about manhattan's second avenue subway line. completing it will cost around $22 billion. what's behind the mammoth tab? here's what i found out when i traveled underground. >> reporter: backhoe exka
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varieties, man lift that sell up to $500,000. see that hydraulic drill? they can go for $800,000 a pop. these are the machines of modern day engineering. new york has them working on the second avenue subway line. subways are expensive. way back when, the first subway in manhattan was 21 miles and cost $35 million. this one is about a mile and a half for about $4.5 billion. that's more than a billion dollars a stop. >> reporter: that's just for phase one. we went digging to find out what goes into the bottom line on a new subway line. >> it's a bargain. >> reporter: the most massive piece of equipment is the tunnel boring machine. the last time new york built a
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sub w subway it used the cut and cover meth. boring is much more efficient and disrupts life aboveground a lot less. >> the one that did this is 22-foot in diameter. it can go about 50 foot a day. >> reporter: it it costs $12 million and requires 20 people to operate it. at 50 feet a day, boring two tunnels takes a long time. >> this is a linear project. you must do the tunnels before you do this. >> reporter: and highly specialized laborers are the ones doing that. urban miners work alongside operating engineers who drive and maintain the machinery. >> on average we pay about $1,000 a day. that's basal ri plus benefits. >> reporter: it's putting people to work in a tough economy. they expect phase one of the subway, three and a half stops and a new tunnel, to create
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130,000 jobs with an economic impact of almost $18 billion over the nine years of construction. >> new yorkers keep asking why does it take so long. it is normal. this is what it takes. >> reporter: all the while americans are footing the bill no matter where they live. >> second avenue right now, $1.3 billion comes from the federal government. the rest of $3.15 comes from new york. >> reporter: the portion from new york comes largely from new york state bonds and mta bonds. >> in 2016 when we swipe our card and ride the first train, it's going to feel real good. >> new york city and the fed's investing billions in infrastructure. ken, you say infrastructure projects that give a positive rate of return should be funded, particularly in these low-interest times. how do you define huge projects
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and in an age of cheap money, that's the kind of return we should be looking for? >> first, i was startled by that report. those boring machines look like they are out of a novel. it was futuristic. it was incredible. i'm sure my kids would like to go watch them in action. but that is the tough question that's a very political question. there are lots of ways to cut the numbers to say one project better than another. i think it's one of the reasons why you need some sort of technical, nonpolitical body, maybe a couple of them to judge these things. i like the idea of a national infrastructure bank that might be like the world bank, would have technical experts who wouldn't necessarily decide things, but at least give a point of view to say what are really the benefits, what are the likely costs. we need a way to do that. there are just thousands and thousands of different projects all competing for the same
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money. >> and that's often the criticism. these things if you have an inf infrastructure if it becomes political, people will want it in their districts. people are going to tweet me to say that was amazing. and people will say i have nothing to do with new york. i'm never going to use the subway. why is $1.3 billion going into this. how do we decide what we should be funding and shouldn't be? >> part of this at the public level there needs to be a real evaluation of the public benefi benefits. of getting millions of people to work, keeping new york city the world financial center and that's maybe as you do the long island railroad to the grand central. this is you don't have to invest billions of dollars into the lie. these are the kinds of decisions that get made at the public level. as the professor mentioned, when you get in private money as well, that helps provide some
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rigor to the conversation. you look at the freight rail industry that invested $25 billion in its own infrastructure last year, which is all goods for the country because they felt it had a return for them. they are also doing some public/private work on projects that had public benefits. you see e that in chicago, you see that in the washington, d.c. area where they competed for public money and won. they are going to have -- that's going to help the country in terms of moving our stuff around more efficiently. it's going to help us in terms of the carbon emissions created by long-haul trucking, in terms of the congestion on the road. when you bring in the private sector and the public approach, you can have some kind of -- there's a synergy there. >> you mentioned the second avenue subway in an op-ed you wrote. you said there's a joke about chinese tourist who is asked their new york city tour guide how long the subway will take to
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finish. and on being told two years, the translator hesitates and asks, wait a second, you mean two weeks right? >> it does take us longer to do things. it's hard tore put a subway under new york city than if you're building it in the middle of an empty space in china. and also we have to respect the rights of our citizens who live above it. we have all sorts of rules and regulations. but at the same time, you want to find ways to speed some of these things up. one of the recommendations from many sources is to find ways to get approvals faster so that it these projects don't take 15 years but more like a couple years. >> and some of the folks who are in that construction, the businesses on second avenue are not thrilled with this. they will do well one day, but right now, it's costing them. what a great conversation.
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ken and michael grunwald, the author of the new deal, thank you. the tiny island stole the headline all week. bad news for those who had their money trapped in the island's banks for more than a week. should anyone else care? the the debate with richard quest coming up next. ♪ that'll save the day. ♪ so will bounty select-a-size. it's the smaller powerful sheet. the only one with trap + lock technology. look! one select-a-size sheet of bounty is 50% more absorbent than a full size sheet of the leading ordinary brand. use less. with the small but powerful picker upper, bounty select-a-size.
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it is my favorite time in show, time for q&a with richard quest, the host of quest means business on cnn international. there he is. richard, the latest fiscal crisis to hit europe is happening in that tiny mediterranean island of cyprus and even markets in the u.s. reacted negatively when the european central bank posted taxing bank fofts on the island by as much as 10% in exchange for a $15 million bailout of the banking system and the plan is in disarray because they rejected the move to tax the
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dopts. they have been shut down all week to prevent a run on deposits and panicked cppriots lining up. it is considered a tax haifen and the banking system is eight times larger than the tiny island's economy and the banks made pretty bad bets on greek debt and now they need relief. the ecb has given cyprus until next week to figure out acceptable terms in exchange for a bailout and the world's eyes are focused on this island, richard, because of its potential global impact which is why today's question, sorry for the long wind up, is cyprus even a big deal? richard, who should go first? >> i will go first. >> i think -- >> shall i go first? give me 60 seconds on the clock. >> richard, cyprus is a dot on the map, a tiny one. we're talking about $15 billion bailout which is huge for the little island and small compared to bailouts worked out with spain and greece and not too big
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to fail. cyprus is too small, doesn't matter, and the eurozone would survive if cyprus were to exit. taxing deposits, richard, in exchange for bailout funds should make europeans a little skittish because it could set a precedent for the future but cyprus is interesting for his geopolitical implications, particularly because of russia. there are suggestions that russia might demand rights to a naval base there, contracts to exploit gas, natural gas reserves under the island's territorial waters and 36% of europe's gas supply comes from russia already. that leverage over europe would only increase if russia gets involved in cyprus' natural gas. cyprus is important for that reason because europe doesn't want a whole lot more of russia in europe, but that's really the only effect it is going to have minimal effect on the rest of the world, richard. i don't think it matters all that much. >> oh, dear. the short answer, allie, is yes,
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even though cyprus is just that got on the map, a fraction of the eurozone economy, it is what it stands for politically, philosophically, monetarily, biggest and broadest and those the eurozone crisis is far from over and only takes a smaller spark to rekindle the flames. we have known cyprus was a problem for months if not years, since greek bond holders took a haircut. only at the last minute did everything fall apart. it also shows the inability of europe to deal with crises, the u.s. may have gone to the edge of the fiscal cliff and sequester come and gone, but no one went over the top. in europe time and again the good management, everything comes crashing down and at the smallest level whoever thought it would be a good idea to pilfer depositor's money with this tax goes against the very idea of deposit insurance and protecting the small saver, so whichever way you look at this, ali, this is a bad idea, and he
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y he, it matters. >> very interesting. you got my attention about halfway through that, richard. very nice. good to see you as always. by the way, don't be jealous. this does appear to be your bell. i think you left a version of it here in new york, richard. always my pleasure to see you. there you go. two good bells. coming up, whether you think cyprus matters, you couldn't ignore the tweets this week, at least i couldn't. lots of people were also tweeting about the milestone twitter itself hit this week. i will tell you what that is next. mmm! fresh! and it's been in the closet for 12 weeks! unbelievable! unstopables! follow jimmy on youtube.
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